Global Markets: Cargill earnings drop

Published: January 3, 2019

By Commodity News Service Canada
WINNIPEG, Jan. 3, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
Cargill Inc. has reported a 20 per cent drop in its fiscal second-quarter 2019 net earnings, as global trade tensions, challenges in the Chinese hog sector and a struggling United States dairy sector, all impacted the grain trader. The company’s net earnings for the quarter ended Nov. 30, 2018, were US$741 million, a 20 percent drop from the US$924 million made during the same period last year.
Brazilian President Jair Bolsonaro’s far-right government launched a barrage of measures on its first day in office Wednesday that sent Brazilian markets flying. The government unveiled sweeping plans to step up privatizations, toughen prison sentencing guidelines and hand control over indigenous lands claims to the Agriculture Ministry.

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Bristol-Myers Squibb has agreed to buy Celgene Corp. in a US$74 billion deal. Both companies are drug makers, Bristol makes an immunotherapy drug called Opdivo, while Celgene makes a blood-cancer therapy drug called Revlimid. The deal will allow the two companies to grow their products and if approved would be the largest pharmaceutical-company acquisition ever.